Disclosure under Reg. 30 of SEBI/LODR Regulations 2015 - Letter received from Punjab National Bank by Reliance Telecom Limited (Subsidiary of Reliance Communications Limited) on 08.05.2026
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Reliance Telecom Limited (RTL), a subsidiary of Reliance Communications Limited, has received a letter from Punjab National Bank (PNB) dated April 28, 2026, informing that PNB's Fraud Examination Committee has classified RTL's loan account as 'fraud'. The amount involved is Rs. 201.51 crore. The fraud classification pertains to alleged misappropriation of funds and criminal breach of trust, including round-tripping of loans through related parties and fictitious transactions inflating the balance sheet. Smt. Grace Thomas, a Non-Executive Non-Independent Director of RCOM (in her capacity as erstwhile director of RTL), has also been classified as fraud along with other erstwhile directors. Both RCOM and RTL are under Corporate Insolvency Resolution Process (CIRP) under IBC 2016, with resolution plans approved by committees of creditors and awaiting NCLT approval. PNB will report this fraud classification to RBI.
The fraud classification is significant as it involves alleged financial irregularities of Rs. 201.51 crore. However, since both RCOM and RTL are under CIRP with approved resolution plans awaiting NCLT approval, they are protected under Section 14(1)(a) and Section 32A of IBC 2016 from suits and prosecution related to pre-CIRP offences. This limits direct legal liability impact on the companies, though it may affect stakeholder confidence and resolution plan implementation.